TREETOP DEVELOPMENT EXPANDS NEW JERSEY PRESENCE WITH ACQUISITION OF 108-UNIT HUD APARTMENT COMPLEX IN PLAINFIELD

JERSEY CITY, N.J. - Treetop Development’s strategic plan for expansion in New Jersey is taking another step forward with the recent acquisition of a 108-unit HUD garden apartment complex in the Union County City of Plainfield.

The $9.8 million purchase is the initial foray for the fast growing Teaneck, N.J.-based real estate concern into yet another one of the state’s untapped housing markets. Treetop is entering the Union County market after significantly increasing its portfolio of homes in Hudson, Bergen and Essex Counties through innovative acquisition techniques. Steven Fleissig of Greenberg Traurig represented Treetop Development in the transaction.

The purchase of the HUD apartment complex is a continuation of an aggressive acquisition program Treetop implemented several years ago which has added of more than 3,000 units to its portfolio in Cities such as Newark, East Orange and Jersey City.

Since 2009, Treetop Development has taken advantage of challenging market conditions by purchasing high-performing and well-located HUD apartment assets. After acquiring the properties, Treetop institutes an extensive capital improvement program than modernizes living spaces, common areas and building systems.

“This property met all these criteria and was the perfect opportunity to establish a footprint in the Union County market. The property has been undermanaged for several years and after completing one of our trademark ‘turnaround” programs, we will be able to reintroduce these apartments as an affordable option. As a result, the potential for the property is tremendous.”